Amended EMC PIATTAMENDED AND RESTATED
AGREEMENT FOR PAYMENTS
IN ADDITION TO TAXES
Eastern Motor Court Component
2018004286 AGREEMENT $25.00
01/31I2018 02:56:01P 17 PGS
Jennifer Hayden
HAMILTOW County Recorder IN
Recorded as Presented
1111111111111111111111111111111111111111111111111111111111111111111111
This Amended and Restated Agreement for Payment in Addition to Taxes (Eastern Motor
Court Component) (the "Agreement"), executed this 41" day of August, 2016, by and between The City of
Carmel Redevelopment Commission ("CRC") and CCC West, LLC, and CCC Phase II, LLC (collectively, the
"Owner"), Witnesses:
RPr.ital.q
WHEREAS, CRC and Owner have executed the Original PIATT;
WHEREAS, changes in circumstances subsequent to the execution of the Original PIATT
require the amendment and restatement of the Original PIATT; and
WHEREAS, CRC and Owner desire to enter into this Agreement;
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged hereby, CRC and Owner agree as follows-
1 . Definitions.
Applicable Rate shall mean the tax rate that is used for purposes of determining the Real Estate Taxes.
Assessed Value shall mean the value of all or a portion of the EMC Component Property, as assessed by
the Taxing Authorities for the purpose of determining Real Estate Taxes.
Bonds shall mean the City of Carmel, Indiana, Redevelopment District Taxable Bonds of 2016 (City
Center 11 Projects), which have been issued by the City in accordance with the Second Component Project
Agreement.
Casualty Damage shall mean damage to, or destruction of, all or any portion of the EMC Component
Property.
CCC shall mean Carmel City Center, LLC.
City shall mean the City of Carmel, Indiana.
Cure Period shall mean a period of 30 days after Owner receives notice specifying the nature of a failure by
Owner to observe or perform any term or condition of this Agreement to be observed or performed by it;
provided that, if the failure is of such a nature that it cannot be remedied within 30 days, despite reasonably
diligent efforts, then the 30-day period shall be extended as reasonably may be necessary for Owner to
remedy the failure, so long as Owner: (a) commences to remedy the failure within the 30-day period; and
(b) diligently pursues such remedy to completion.
EMC Component shall mean a building comprised of approximately: (a) 45,500 square feet of office and/or
retail space; and (b) 30,800 square feet of residential space; together with related improvements, to be
constructed on the EMC Component Site. The EMC Component is a "Component" under the Remainder
Project Agreement. The building to be constructed as part of the EMC Component: (a) is a "Building", and
a "New Improvement", under the Remainder Project Agreement; and (b) will be in the location generally
labeled as "Eastern Motorcourt Site" on the site plan attached to the Remainder Project Agreement
Amendment as Replacement Exhibit A and defined in the Remainder Project Agreement as the "Committed
Site Plan".
EMC Component Project Agreement shall mean that certain Project Agreement (Eastern Motor Court
Component) executed by and between CRC and Owner and dated February 18, 2015, as amended by that
certain Amending Agreement of even date herewith executed by and among CRC, Owner, CCC, Pedcor
Office, LLC, Pedcor Investments, A Limited Liability Company, and Pedcor Construction Management, LLC.
EMC Component Property shall mean, collectively, the EMC Component and the EMC Component Site.
EMC Component Site shall mean that certain real estate delineated as the "EMC Component Site" or the
"Eastern Motor Court Component Site" on Exhibit A-1, and more particularly described on Exhibit A-2. The
EMC Component Site: (a) is the "Eastern Motor Court Component Site" under the Second Component Project
Agreement and the EMC Component Project Agreement; and (b) comprises a portion of the real estate
defined in the Remainder Project Agreement as the "Parcel 5 Remainder Site".
EMC Increment shall mean the allocated property tax proceeds that are: (a) generated from ad valorem real
property taxes levied or imposed on or against the EMC Component Property; and (b) attributable to the
assessment of the EMC Component Property above a base assessed value ("increment"), including such
taxes attributable to an increased assessed value resulting from the construction of the EMC Component after
the base assessed value has been determined; which allocated property tax proceeds (increment) are to be
on deposit in an allocation fund pursuant to IC §36-7-14-39(b)(2). The EMC Increment is: (a) the portion of
the "New Improvements Increment" under the Remainder Project Agreement that is attributable to the EMC
Component; and (b) the "Eastern Motor Court Increment" under the Second Component Project Agreement.
EMC Increment Projections shall mean the projected annual EMC Increment, as set forth on Exhibit B. The
EMC Increment Projections: (a) are the "Eastern Motor Court Increment Estimate" under the Second
Component Project Agreement; and (b) have been approved by the "Financial Advisor" (as defined in the
Second Component Project Agreement), as required by the Second Component Project Agreement.
Event of Default shall have the meaning set forth in Subsection 6(a).
Laws shall mean all applicable laws, statutes, and/or ordinances, and any applicable governmental or judicial
rules, regulations, guidelines, orders, decrees, and/or judgments.
Letter of Credit shall mean a letter of credit issued for the benefit of CRC: (a) by an institution that reasonably
is satisfactory to CRC (which may include, without limitation, a bank holding company, a financial holding
company, or a thrift holding company); (b) in an amount that reasonably is satisfactory to CRC; (c) that has
a term of not less than one year; (d) that is irrevocable and payable on sight; (e) provides that if there is an
Event of Default; then CRC shall have the right to make a draw thereon in the amount with respect to which
the Event of Default applies, which draw may be made by presenting a certification signed by CRC and
stating: (i) that there is an existing Event of Default; and (ii) the amount with respect to which the Event of
Default applies, together with any additional amounts to which CRC is entitled as a result of such default; and
(f) otherwise is on terms and conditions that reasonably are acceptable to CRC.
Non -Payment Lien shall mean a lien against the EMC Component Property in the amount of all delinquent
PIATT Payments, together with the interest that has accrued thereon, which lien shall be similar in type to a
lien for real estate taxes (including that such lien shall have the same priority as a lien for real estate taxes).
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Accordingly, each Non -Payment Lien shall be prior to any mortgage or other lien or encumbrance on the EMC
Component Property, other than the lien of current Real Estate Taxes not delinquent.
Original PIATT shall mean that certain Agreement for Payments in Addition to Taxes (Eastern Motor Court
Component) executed by and between CRC and Owner and dated February 18, 2015. The Original PIATT
is superseded in its entirety by this Agreement.
PIATT Payment shall mean a payment in an amount determined pursuant to Subsection 3(b), which
payment shall be made in accordance with Subsection 3(c).
Projected Applicable Rate shall mean the rate projected to be the Applicable Rate, which projected rate was
used to determine the EMC Increment Projections.
Projected Assessed Value shall mean the value projected to be the Assessed Value, which projected value
was used to determine the EMC Increment Projections.
Real Estate Taxes shall mean all ad valorem real estate taxes that are levied, imposed, or charged on,
against, for, or with respect to, all or a portion of the EMC Component Property by or for all Taxing
Authorities, assuming application of the Applicable Rate to the Assessed Value without any credits,
exemptions, deductions, or other reductions. All taxes, assessments, levies, impositions, duties, imposts,
fees, contributions, and charges of any nature that, in whole or in part, are levied, imposed, or charged in
substitution or replacement for or of ad valorem real estate taxes shall be deemed to be "Real Estate Taxes"
for all purposes, notwithstanding the denomination or characterization of such taxes, assessments, levies,
impositions, duties, imposts, fees, contributions, or charges.
Remainder Project Agreement shall mean that certain Project Agreement (Parcel 5 Remainder/Parcels 4
& 11) executed by and among CRC, CCC, and Village Housing Corporation and dated December 7, 20111
as amended by that certain: (a) First Amendment to Project Agreement (Parcel 5 Remainder/Parcels 4 & 11)
dated December 15, 2014; and (b) Second Amendment to Project Agreement (Parcel 5 Remainder/Parcels
4 & 11) of even date herewith.
Second Component Project Agreement shall mean that certain Project Agreement (Second
Component/Park East/SC Public Improvements) executed by and among CRC, CCC, and Owner and dated
December 15, 2014, as amended and restated by that certain Amended and Restated Project Agreement
(Second Component/Park East Garage/Hamilton Element/Second Component Public Improvements) of even
date herewith executed by and among CRC, CCC, and Owner.
Secured Financing shall mean the issuance of the Bonds, a proportionate share of the debt service with
respect to which will be paid with the EMC Increment. If: (a) there is a restructuring of the Bonds; and/or (b)
the Bonds are repaid, refunded, redeemed, defeased, refinanced, and/or"taken out" in full and replaced with a
new financing; and after such restructuring or replacement with a new financing, all or a proportionate share
of the debt service for the Bonds or such other financing will be paid with the EMC Increment, then the
restructured Bonds and/or the new financing shall constitute the "Secured Financing" for purposes of this
Agreement.
Tax Payment Lien shall mean an annually renewable lien against the EMC Component Property in an
amount equal to: (a) the greater of: (i) the amount of the EMC Increment that actually is generated for the
applicable calendar year; or (ii) the amount of the EMC Increment projected by the EMC Increment Projections
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to be generated for such calendar year; plus (b) costs and expenses (including reasonable attorneys' fees and
other legal costs) incurred by CRC to enforce and/or foreclose the lien. The maximum aggregate amount
secured by the Tax Payment Lien for the Term shall be: (i) the aggregate projected EIVIC Increment for the
Term, as set forth in the EIVIC Increment Projections; together with: (ii) costs and expenses (including
reasonable attorneys' fees and other legal costs) incurred by CRC to enforce and/or foreclose the Tax
Payment Lien. Such lien shall: (a) secure for the benefit of CRC: (i) the obligations of Owner to pay when due
the Real Estate Taxes and any PIATT Payments that become due and payable for the applicable calendar
year; and (ii) all other obligations of Owner under this Agreement; (b) be in addition to the statutory lien of
current Real Estate Taxes not delinquent; and (c) be similar in type to the statutory lien of current Real Estate
Taxes not delinquent (including that such lien shall have the same priority as the statutory lien of current Real
Estate Taxes not delinquent). Accordingly, each Tax Payment Lien shall: (a) be prior to any mortgage or other
lien or encumbrance on the EIVIC Component Property, other than the statutory lien of current Real Estate
Taxes not delinquent; and (b) renew automatically every January 1 during the Term in its same priority.
Taxing Authority shall mean the State of Indiana or any county, township, school corporation, library district,
special district, municipality, or other governmental agency or authority in or of the State of Indiana,
including, without limitation and when applicable, the City.
Term shall mean the period set forth in Section 2.
2. Term. The "Term" of this Agreement shall: (a) commence on the date hereof; and (b) expire on the
date on which the Secured Financing is repaid, refunded, redeemed, defeased, refinanced, and/or "taken out"
in full, other than in connection with a refinancing in which the new financing constitutes a Secured Financing;
provided that, notwithstanding the foregoing, so long as there is no continuing Event of Default, the Term shall
expire on the last day of the calendar year with respect to which the EIVIC Increment Projections apply, as set
forth on Exhibit B.
3. Payments.
(a) Payments. If, for any semi-annual period during or after the first year with respect
to which the EIVIC Increment Projections apply, the EIVIC Component Property does not
generate the amount of the EIVIC Increment projected by the EIVIC Increment Projections to
be generated, then Owner shall make a PIATT Payment to CRC.
(b) Amount. If Owner is required to make a PIATT Payment pursuant to
Subsection 3(a), then the amount of the PIATT Payment shall be equal to the difference
between: (i) the amount of the EIVIC Increment projected by the EIVIC Increment Projections
to be generated for the applicable semi-annual period; minus (ii) the EIVIC Increment actually
generated for such semi-annual period. Accordingly, as set forth in the Second Component
Project Agreement, Owner in effect is "guaranteeing", for each semi-annual period, receipt
of an amount at least equal to the EIVIC Increment Projections.
(c) Date Due. For any semi-annual period with respect to which a PIATT Payment is
due, such PIATT Payment shall be paid on the January 1 or July 1, as applicable, that first
occurs after the expiration of the applicable semi-annual period.
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4. Appeal Prohibition.
(a) Notice. Regardless of whether a challenge or appeal otherwise is permitted
pursuant to Subsection 4(b), Owner shall not challenge or appeal during the Term the
Assessed Value, the Applicable Rate, and/or the application of the Applicable Rate to the
Assessed Value without first providing to CRC written notice of such intended challenge
or appeal at least 30 days in advance, thereby allowing CRC sufficient time to take such
actions as it determines to be necessary or appropriate to be able to block, object to, or
otherwise contest such challenge or appeal.
(b) Prohibitions. During the Term, Owner shall not:
W challenge or appeal the Assessed Value, the Applicable Rate,
and/or the application of the Applicable Rate to the Assessed Value to the
extent that such challenge or appeal that would cause: (A) the Assessed
Value to be less than 110% of the Projected Assessed Value; and/or (B) the
Applicable Rate to be less than the Projected Applicable Rate; or
(ii) take any direct or indirect steps or actions (including, without
limitation, contacting or influencing Taxing Authorities) that would cause:
(A) the Assessed Value to be less than 110% of the Projected Assessed
Value; and/or (B) the Applicable Rate to be lower than the Projected
Applicable Rate.
5. Casualty.
(a) Casualty Damage. If there is Casualty Damage, then Owner shall: (i) commence
reconstruction, repair, and/or replacement of the EMC Component Property as soon as
reasonably is practicable pursuant to plans, specifications, and a schedule approved by CRC
in the exercise of its reasonable discretion; (ii) complete such reconstruction, repair, and/or
replacement: (A) in accordance with the approved plans, specifications, and schedule; and
(B) so that, upon completion thereof, the EMC Component Property is in substantially the
same (or better) condition as existed prior to the Casualty Damage; and (iii) pay all costs and
expenses in connection with completing such reconstruction, repair, and/or replacements so
that the EMC Component Property is free and clear of all claims and liens resulting from such
reconstruction, repair, and/or replacements.
(b) Casualty Insurance. During the Term, Owner shall maintain casualty insurance with
respect to the EMC Component Property, the policy of which shall: (i) be issued by a
reputable insurance company; and (ii) provide coverage on a replacement costs basis. If
there is Casualty Damage, then the proceeds of the casualty insurance: (i) shall be used to
pay the cost to reconstruct, repair, and/or replace the EMC Component Property; and
(ii) shall not be used to prepay all or any portion of the principal balance of any loan that is
secured by the EMC Component Property.
(c) Business Interruption. During the Term, Owner shall maintain business interruption
insurance with coverage sufficient to pay Real Estate Taxes and any PIATT Payments due
hereunder during the period in which Owner is reconstructing, repairing, and/or replacing the
EMC Component Property following Casualty Damage. If there is Casualty Damage, then
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the proceeds of such insurance: (i) shall be used to pay Real Estate Taxes and any PIATT
Payments due hereunder during the period in which Owner is reconstructing, repairing,
and/or replacing the EMC Component Property; and (ii) shall not be used to prepay all or any
portion of the principal balance of any loan that is secured by the EMC Component Property.
6. Defaults and Remedies.
(a) Events of Default. It shall be an "Event of Default" if Owner fails to: (i) pay any Real
Estate Taxes or PIATT Payments prior to delinquency; or (ii) perform or observe any term
or condition of this Agreement to be performed or observed by it: (A) with respect to the
obligation to maintain the insurance required to be maintained pursuant to Section 5, if such
failure is not cured within five days; (B) with respect to the obligation to pay money, if such
failure is not cured within ten days after such payment is due; and (C) with respect to any
other obligation, if such failure is not cured within the Cure Period. All delinquent PIATT
Payments shall bear interest at 12% per annum.
(b) Liens. At any time when there are delinquent PIATT Payments, CRC may record a
Non -Payment Lien. Owner hereby grants the Tax Payment Lien to CRC, thereby creating
the Tax Payment Lien and encumbering the EMC Component Property in accordance with
the terms and conditions of this Agreement. Owner acknowledges that the foregoing grant
of the Tax Payment Lien: (i) creates the Tax Payment Lien; (ii) encumbers the EMC
Component Property in accordance with the terms and conditions of this Agreement; and
(iii) renews automatically every January 1 during the Term in its same priority (prior to any
mortgage or other lien or encumbrance on the EIVIC Component Property, other than the
statutory lien of current Real Estate Taxes not delinquent.
(c) Letter of Credit. At any time when there is not a continuing Event of Default, Owner
may elect to post a Letter of Credit. If Owner posts a Letter of Credit as permitted pursuant
to this Subsection, then, during the term of the Letter of Credit, the terms and conditions of
this Agreementwith respect to Non -Payment Liens and the Tax Payment Lien shall not apply.
If: (i) Owner has posted a Letter of Credit; and (ii) as of the date that is ten business days
prior to the expiration of the term thereof, Owner has not posted a replacement Letter of
Credit; then the terms and conditions of this Agreement with respect to Non -Payment Liens
and the Tax Payment Lien once again shall apply until such time as Owner posts a
replacement Letter of Credit pursuant to this Subsection.
(d) Remedies. Whenever an Event of Default occurs, CRC may take whatever actions
at law or in equity are necessary or appropriate to: (i) collect any payments due under this
Agreement, including, without limitation, enforcing and/or foreclosing any Non -Payment Lien
and/or the Tax Payment Lien (or, if Owner has posted a Letter of Credit such that the terms
and conditions of this Agreement with respect to Non -Payment Liens and the Tax Payment
Lien do not apply, making a draw against the Letter of Credit); (ii) protect its rights under this
Agreement; (iii) enforce the performance or observance by Owner of any term or condition
of this Agreement (including, without limitation, the right to specifically enforce any such term
or condition); or (iv) cure, for the account of Owner, any failure of Owner to perform or
observe a material term or condition of this Agreement to be performed or observed by it.
Owner acknowledges and agrees that if at any time, CRC enforces and/or forecloses the Tax
Payment Lien, such enforcement and foreclosure shall have no effect on the Tax Payment
Lien: (i) renewing automatically on the immediately following January 1 (and each January 1
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thereafter during the Term) in the same priority (prior to any mortgage or other lien or
encumbrance on the EMC Component Property, other than the statutory lien of current Real
Estate Taxes not delinquent); (ii) securing payment of Real Estate Taxes and any PIATT
Payments that become due and payable in the immediately following calendar year (and
each calendar year thereafter during the Term); and/or (iii) being enforced and/or foreclosed
by CRC in the immediately following calendar year (and/or any calendar year thereafter
during the Term), even though the Tax Payment Lien may have been enforced and/or
for eclosed by CRC in one or more previous calendar years.
(e) Reimbursement. If CRC incurs any costs or expenses in connection with exercising
its rights and remedies under, or enforcing, this Agreement (including, without limitation,
costs or expenses to enforce and/or foreclose any Non -Payment Liens and/or the Tax
Payment Lien), then Owner shall reimburse CRC for all such costs and expenses (including,
without limitation, attorneys' fees and other legal costs), together with interest at the rate of
12% per annum; provided that, the aggregated reimbursement during the Term by Owner
of costs and expenses incurred by CRC in connection with enforcing and/or foreclosing the
Tax Payment Lien shall be capped at 10% of the aggregate projected EMC Increment for the
Term, as set forth in the EMC Increment Projections.
(f) No Remedy Exclusive. No right or remedy herein conferred upon, or reserved to,
CRC is intended to be exclusive of any other available right or remedy, unless otherwise
expressly stated; instead, each and every such right or remedy shall be cumulative and in
addition to every other right or remedy given under this Agreement or now or hereafter
existing at law or in equity. No delay or omission by CRC to exercise any right or remedy
upon any Event of Default shall impair any such right or remedy, or be construed to be a
waiver thereof, and any such right or remedy may be exercised from time to time, and as
often as may be deemed to be expedient. To entitle CRC to exercise any of its rights or
remedies, it shall not be necessary for CRC to give notice to Owner, other than such notice
as may be required by this Section or by the Laws.
7. Indemnification. Owner shall indemnify and hold harmless CRC from and against any and all claims,
damages, injuries, losses, costs, and expenses (including, without limitation, attorneys' fees) arising from or
connected with the breach by Owner of any term or condition of this Agreement. The foregoing
indemnification obligation of Owner shall survive the expiration of the Term.
8. Binding Effect. This Agreement: (a) shall run with the EMC Component Property; (b) bind the Owner
and each successor owner of all or any portion of the EMC Component Property; and (c) inure to the benefit
of CRC.
9. Notice, Any notice required or permitted to be given by either party to this Agreement shall be in
writing, and shall be deemed to have been given when: (a) delivered in person to the other party; (b) sent by
facsimile or email, with electronic confirmation of receipt; or (c) sent by national overnight delivery service, with
confirmation of receipt, addressed as follows: to CRC at 30 West Main Street, Suite 220, Carmel, Indiana
46032, Facsimile: 317-844-3498, email: cmeyer�carmel.in.gov, Attn: Come Meyer, with a copy to:
Jennifer R. Shoup, Wallack Somers & Haas, PC, One Indiana Square, Suite 2300, Indianapolis, Indiana
46204, Facsimile: 317-231-9900, email: jrsgwshlaw. com and to Owner at 770 3rd Avenue Southwest, Carmel,
Indiana 46032, Facsimile: 317-587-0340, email: rbrown6a�pedcor.net, Attn. Ron Brown. Either party may
change its address for notice from time to time.
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10. Authority. Each undersigned person executing this Agreement on behalf of CRC and Owner
represents and certifies that: (a) he or she has been empowered and authorized by all necessary action of
CRC and Owner, respectively, to execute and deliver this Agreement; (b) he or she has full capacity, power,
and authority to enter into and carry out this Agreement; and (c) the execution, delivery, and performance of
this Agreement have been authorized by CRC and Owner, respectively.
11. Miscellaneous. This Agreement: (a) may be executed in separate counterparts, each of which shall
be an original, but all of which together shall constitute a single instrument; (b) shall be governed by, and
construed in accordance with, the laws of the State of Indiana; (c) may be modified only by a written
agreement signed by both CRC and Owner; and (d) amends, restates, and supersedes the Original PIATT
in its entirety. The invalidity, illegality, or unenforceability of any one or more of the terms and conditions of
this Agreement shall not affect the validity, legality, or enforceability of the remaining terms and conditions
hereof. All Exhibits referenced in this Agreement are attached hereto and incorporated herein by reference.
All proceedings arising in connection with this Agreement shall be tried and litigated only in the state courts
in Hamilton County, Indiana, or the federal courts with venue that includes Hamilton County, Indiana. Owner
waives, to the extent permitted under applicable law: (a) the right to a trial by jury; and (b) any right Owner may
have to: (i) assert the doctrine of "forum non conveniens"; or (ii) object to venue.
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IN WITNESS WHEREOF, CRC and Owner have executed this Agreement as of the date set
forth above.
ACKNOWLEDGMENT
STATE OF INDIANA
)SS.
COUNTY OF
T H E CITY OF C A R M E L
REDEYE PMENT MISSION
By.fl
William Hammer, PresMyht
Before me, a Notary Public in and for the State of Indiana, personally appeared William
Hammer, the President of The City of Carmel Redevelopment Commission, who acknowledged the execution
of the foregoing Amended and Restated Agreement for Payments in Addition to Taxes (Eastern Motor Court
Component) for and on behalf of such entity.
Witness my hand and Notarial Seal this 4 1h day of August, 2016.
...
J. LECHNER
4p�-- •
NOTAW - .
Hamilton County
ESHERRI
Era
My commission Expires
INRIM
October 17,2023
My commission expires: I® .\—I •
1 am a resident of County,
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By:
Notary P 01 c
Printed Name -
ACKNOWLEDGMENT
STATE OF INDIANA
)SS.
COUNTY OF
T H E CITY OF C A R M E L
REDEVEAPMENT COMMISSION
By:
Henry MeJteh*-y—,Secretary
Before me, a Notary Public in and for the State of Indiana, personally appeared Henry
Mestetsky, the Secretary of The City of Carmel Redevelopment Commission, who acknowledged the
execution of the foregoing Amended and Restated Agreement for Payments in Addition to Taxes (Eastern
Motor Court Component) for and on behalf of such entity.
Witness my hand and Notarial Seal this 4t' day of August, 2016.
0
CHRISTINA D. YOUNG
WTARY
Marion County
8- L
My Commission Expires
August 1, 2022
My commission expires:
I am a resident of
County,
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4,ol
B� `Z--r+J ..t'�! s'
Notary Public
lei
Printed Name.-
JUt
ACKNOWLEDGMENT
STATE OF INDIANA
) SS:
COUNTY OF
CCC WEST, LLC
By.
a.
Laurie E'iler, Senior Vice -President
Before me, a Notary Public in and for the State of Indiana, personally appeared Laurie Siler,
the Senior Vice -President of CCC West, LLC, who acknowledged the execution of the foregoing Amended
and Restated Agreement for Payments in Addition to Taxes (Eastern Motor Court Component) for and on
behalf of such entity.
Witness my hand and Notarial Seal this 4 1h day of August, 2016.
EA'HERI'll J. LECHNER
WTAW
Hamilton County
My Commission Expires
01,17. t. ' * I
October 17, 2023
My commission expires- V
r--- --r— � f_
I am a resident of County,
-
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By:
-
Notary blic
Printed Name:,
,
ACKNOWLEDGMENT
STATE OF INDIANA )
SS:
COUNTY OF )
CCC PHASE II, LLC
By: 6k_a�'L� -
Laurie Siler, Senior Vice -President
Before me, a Notary Public in and for the State of Indiana, personally appeared Laurie Siler,
the Senior -Vice President of CCC Phase 11, LLC, who acknowledged the execution of the foregoing Amended
and Restated Agreement for Payments in Addition to Taxes (Eastern Motor Court Component) for and on
behalf of such entity.
Witness my hand and Notarial Seal this 4th day of August, 2016.
SHERRI J. LECHNER
'NOTARY
Hamilton COUntY
=': _•• •*�
'
y Commission Expires
�•'.�'oF;�:l�
October 17, 2023
My commission expires: �0 •t� •c�t�
I am a resident of County,
By: a
Notary P lic
Printed Name -
Return after recording to City of Carmel, Indiana, One Civic Square, Carmel, Indiana 46032, Attn: Corrie
M ever.
r
This instrument was prepared by Jennifer R. Shoup, Attorney -At -Law, Wallack Somers & Haas, One Indiana
Square, Suite 2300, Indianapolis, Indiana, 46204. 1 affirm, under the penalties for perjury, that I have taken
reasonable care to redact each Social Security number in this document, unless required by law.
Jennifer R. Shoup.
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INDEX TO EXHIBITS
Exhibit A-1 EMC Component Site Depiction
Exhibit A-2 EMC Component Site Description
Exhibit B EMC Increment Projection - Year by year
Z:\Documents\Shoup, Jenny\City of Carmel\Parcel 5\Eastern Motor Court
Component\PIATT\Restated PIATT-EMC.v1a.wpd
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Donald R. Mosson Monday, January 29, 2018
C:\Users\jhaas\OneDrive - PEDCOR COMPANIES\Desktop\14-045 East Motorcourt Land Below 822.00.docx
Exhibit A-2
(page 1 of 2)
LAND DESCRIPTION
EAST MOTORCOURT LAND BELOW 822.00
A portion of Tract 5B.2
Part of Instrument Number 2006003 9104
September 16, 2016
A part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East located in Clay
Township, Hamilton County, Indiana, being further defined from elevation 822.00 and below
(NGVD 1929) more particularly described as follows:
Commencing at the Northeast Corner of the Northeast Quarter of Section 36, Township 18
North, Range 3 East; thence South 89 degrees 12 minutes 13 seconds West (assumed bearing)
707.40 feet along the North Line of said Northeast Quarter to the eastern boundary of the 1.800-
acre tract of land granted to the City of Carmel Redevelopment Commission ("Monon. Tract")
(recorded as Instrument Number 9909923664 in the Office of the Recorder of Hamilton County,
Indiana); thence South 00 degrees 51 minutes 54 seconds East 284.25 feet along the eastern
boundary of said Monon Tract to the northwestern corner of the 0.909-acre tract of land granted
to the City of Carmel Redevelopment Commission ("Tract 5B.1 ") (recorded as Instrument
Number 2011053909 in said Recorder's Office); thence continue South 00 degrees 51 minutes
54 seconds East 191.77 feet along the western line of said Tract 5B.1 and the eastern line of said
Monon Tract to the southern line of the 0.265-acre tract of land granted to the City of Carmel
Redevelopment Authority ("Tract 5B.2") (recorded as Instrument Number 20060003 9104 in said
Recorder's Office); thence South 89 degree 56 minutes 58 seconds East 11.6.08 feet along said
southern line to the POINT OF BEGINNING of this description; thence North 00 degrees 51
minutes 54 seconds West 45.00 feet parallel with the eastern line of said Monon Tract to a
northern line of said Tract 513.2 (all of the remaining courses are along the boundary of said
Tract 5B.2); South 89 degrees 56 minutes 58 seconds East 45.00 feet; South 00 degrees 51
minutes 54 seconds East 10.00 feet; South 89 degrees 56 minutes 58 seconds East 35.00 feet;
North 00 degrees 51 minutes 54 seconds West 10.00 feet; thence South 89 degrees 56 minutes 58
seconds East 32.27 feet; South 00 degrees 51 minutes 54 seconds East 45.00 feet; North 89
degrees 56 minutes 58 seconds West 112.27 feet to the POINT OF BEGINNING, containing
4,701.5 square feet (0. 108 acres), more or less.
Donald R. Mosson Monday, January 29, 2018
C:\Users\jhaas\OneDrive - PEDCOR COMPANIES\Desktop\14-045 East Motorcourt Land Above 822.00.docx
Exhibit A-2
(page 2 of 2)
LAND DESCRIPTION
EAST MOTORCOURT LAND ABOVE 822.00
A portion of Tract 5B.2
Part of Instrument Number 20060039104
September 16, 2016
A part of the Northeast Quarter of Section 36, Township 18 North, Range 3 East located in Clay
Township, Hamilton County, Indiana, being further defined from elevation 822.00 and above
(NGVD 1929) more particularly described as follows:
Commencing at the Northeast Corner of the Northeast Quarter of Section 36, Township 18
North, Range 3 East; thence South 89 degrees 12 minutes 13 seconds West (assumed bearing)
707.40 feet along the North Line of said Northeast Quarter to the eastern boundary of the 1.800-
acre tract of land granted to the City of Carmel Redevelopment Commission ("Monon Tract")
(recorded as Instrument Number 9909923664 in the Office of the Recorder of Hamilton County,
Indiana); thence South 00 degrees 51 minutes 54 seconds East 284.25 feet along the eastern
boundary of said Monon Tract to the northwestern corner of the 0.909-acre tract of land granted
to the City of Carmel Redevelopment Commission ("Tract 5B.1 ") (recorded as Instrument
Number 2011053909 in said Recorder's Office); thence continue South 00 degrees 51 minutes
54 seconds East 191.77 feet along the western line of said Tract 5B.1 and the eastern line of said
Monon Tract to the southern line of the 0.265-acre tract of land granted to the City of Carmel
Redevelopment Authority ("Tract 5B.2") (recorded as Instrument Number 200600039104 in said
Recorder's Office); thence South 89 degree 56 minutes 58 seconds East 116.08 feet along said
southern line to the POINT OF BEGINNING of this description; thence North 00 degrees 51
minutes 54 seconds West 45.00 feet parallel with the eastern line of said Monon Tract to a
northern line of said Tract 5B.2 (all of the remaining courses are along the boundary of said
Tract 5B.2); South 89 degrees 56 minutes 58 seconds East 45.00 feet; South 00 degrees 51
minutes 54 seconds East 10.00 feet; South 89 degrees 56 minutes 58 seconds East 35.00 feet;
North 00 degrees 51 minutes 54 seconds West 10.00 feet; thence South 89 degrees 56. minutes 58
seconds East 32.27 feet; South 00 degrees 51 minutes 54 seconds East 45.00 feet; North 89
degrees 56 minutes 58 seconds West 112.27 feet to the POINT OF BEGINNING, containing
4,701.5 square feet (0. 108 acres), more or less.
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S a��
CARMEL CITY CENTER
ASSESSMENT PROJECTIONS FOR
EASTERN MC SITE BUILDING
Assuming: RE Tax Rate Pass Thru for TIF: 1.84530%
Assuming: Growth rate in the assessed value 0.00%
All numbers are estimates and
i °
Constr End: 9/1/2019 subject to revisions.
Tax Pament
05/10/14
1.8453%
-
11/10/14
1.8453%
-
05/10/15
1,8453%
-
11/10/15
1.8453%
-
05/10/16
1.8453%
-
1
11/10/16
1.8453%
-
05/10/17
-
1.8453%
-
2
11/10/17
-
1.8453%
-
05/10/18
-
1.8453%
-
3
11/10/18
-
1.8453%
-
05/10/19
-
1.8453%
-
4
11/10/19
-
1.8453%
-
05/10/20
5,289,600
1.8453%
48,804
5
11/10/20
5,289,600
1.8453%
487804
05/10/21
10,579,201
1,8453%
97,609
6
11/10/21
10,579,201
1.8453%
97,609
05/10/22
101)579,201
1.8453%
97,609
7
11/10/22
10,579,201
1.8453%
97,609
05/10/23
10,579,201
1.8453%
97,609
8
11/10/23
10,579,201
1,8453%
97,609
05/10/24
10,579,201
1.8453%
97,609
9
11/10/24
10,579,201
1.8453%
97,609
05/10/25
107579,201
1.8453%
97,609
10
11/10/25
10,5791)201
1.8453%
97,609
05/10/26
1 M797201
1.8453%
97,609
11
11/10/26
10,579,201
1.8453%
9709
05/10/27
10,579,201
1.8453%
9709
12
11/10/27
101)579,201
1.8453%
97,609
05/10/28
107579,201
1.8453%
97,609
13
11/10/28
101579,201
1.8453%
97,609
05/10/29
10,579,201
1.8453%
97,609
14
11/10/29
101579,201
1.8453%
97,609
05/10/30
10,579,201
1.8453%
97,609
15
11/10/30
1 M79,201
1.8453%
97,609
05/10/31
101)5797,201
1.8453%
977,609
16
11/10/31
10,579,201
1.8453%
971)609
05/10/32
101)579,201
1.8453%
9709
17
11/10/32
1M79,201
1.8453%
9709
05/10/33
10,579,201
1.8453%
977609
18
11/10/33
101579,201
1.8453%
97,609
05/10/34
10,579,201
1.8453%
97,609
19
11/10/34
1017579,201
1.8453%
97,609
05/10/35
101)579,201
1.8453%
971)609
20
11/10/35
10,579,201
1.8453%
97,609
05/10/36
10,579,201
1.8453%
9709
21
11/10/36
101579,201
1.8453%
97,609
05/10/37
10,579,201
1.8453%
97,609
22
11/10/37
10,579,201
1.8453%
9709
05/10/38
101)579,201
1.8453%
97,609
23
11/10/38
10,579,201
1.8453%
9709
05/10/39
10,579,201
1.8453%
97,609
24
11/10/39
10,579,201
1.8453%
97,609
05/10/40
10,579,201
1.8453%
97,609
25
11/10/40
10,579,201
1.8453%
977609
4,001,969
3,601,772